In F.Y 18-19 my brother sold residential vacant land for rs.1.2crore.The capital gain is rs.1crore.He availed housing loan of rs.2.2 crores and purchased a new flat for rs.2.2crores,by utilising the capital gain and the loan AMT.Now in this financial year 19-20,he sold another residential land for rs.65laks,and deposited the same in his s.b
a/c.Now can he repay the housing loan or invest in specified bonds for exumption from LTCG.Plese guide me.
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Exemption from LTCG
Replies (6)
invest in specifies tax saving exempt in order to avail exemption of capital gain in 19-20
Can I not repay the loan availed in the previous F.Y
in that case your 19-20 capital gain (long term) will be taxed
you need to deposit in specified bonds to avail deduction under 54ec
If you repay loan from this 65 lakh then,it become taxable. You need to invest it as per provisions of sec 54.
I think he shall be eligible for A.Y 19.20 as well since such house has been purchased with in 1yr prior to sale of land,
and there is no any point u/s 54F which states that capital gain of two eligible capital asset can not be claim exemptiin from one new house ....
and there is no any point u/s 54F which states that capital gain of two eligible capital asset can not be claim exemptiin from one new house ....
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